Mon, 26 Feb 2018 | BUSINESS SALE
Standard Life Aberdeen (SLA) has revealed it is selling its insurance arm to Phoenix Group for GBP3.2bn.
The firm is now focusing purely on asset management and the sale to Phoenix marks the end of a long transition period. The sale follows last year’s merger between Standard Life and Aberdeen Asset Management, which onlookers saw as a signal that Standard Life’s insurance business would be sold off.
Commentators claim that the fact that the buyer is Phoenix has come as somewhat of a surprise following initial interest from Lloyds, who were going to join its Scottish Widows brand with Standard Life’s insurance arm. However, that deal fell apart when neither side could agree on the terms. A by-product of that disagreement is that SLA is no longer to manage the GBP109bn of Scottish Widows assets it currently has on its books.
Keith Skeoch, co-chief executive of SLA, said that the Phoenix deal “completes our transformation from a capital-heavy insurance business.” The cash and shares purchase is also part of a much bigger arrangement that will see SLA’s smaller rival entrust SLA with billions of pounds for it to manage.
Clive Bannister, Phoenix’s chief executive called the deal a “game changer,” adding: “This is ginormous for us.”
Expert team of specialist vehicle restoration mechanics and engineers. Spacious showroom and workshops. Please note, this is an accelerated process. Best and final offers are to be received by 5:00pm Monday 17 December 2018.
A profitable independent catering company that provides catering services throughout the Southeast. This is an opportunity to purchase a business with an established turnover, a loyal customer base and potential to grow. Offers invited.
Profitable pizza, kebabs, chicken takeaway and delivery restaurant for sale. Established over 20 years. Very busy takeaway and delivery situated in a busy location with custom from local residential area and nearby school. Lots of passing trade from...
LEASEHOLD
|
11
|
|
Dec
|
Concrete company acquired in impressive deal | BUSINESS SALE
A Wrexham-based concrete products and quarrying company is s...
|
08
|
|
Dec
|
Geotechnical firm completes MBO | MBO/MBI
A geotechnical consulting group based in Durham has successf...
|
06
|
|
Dec
|
Construction company enters administration | ADMINISTRATION
A Bristol-based construction firm has collapsed into adminis...
Sign up to receive our acquisition alert emails to get your FREE guide
|
08
|
|
Oct
|
Housebuilder turnaround may net owners a fortune | BUSINESS SALE
Derbyshire-based Avant Homes is reportedly being groomed for...
|
27
|
|
May
|
Axa sells SunLife division to Phoenix for £375 million | DIVISION SALE
French multinational insurance company Axa has sold some of ...
|
30
|
|
Dec
|
Competition authorities investigate sale of Sainsbury's pharmacies | MERGER
The sale of Sainsbury's pharmacies business to the Lloy...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources